Life is short and the hotel prices are going to record highs.
American travelers are raring to go, and rising hotel prices aren't stopping them.
When the Formula 1 racing series comes to Miami in early May, the 1 South Beach is requiring four-night minimums, while the Hampton Inn in the city's Brickell neighborhood is charging.
Jan Freitag, senior vice president at lodging analytics company STR, said that the Pandemic has reminded people that life is short. The hotels in a market with a leisure appeal are doing well.
Leisure travelers aren't scared off by rising prices. The average daily hotel rate went up to $149.38 last week. That was the third-highest mark ever, behind the week after March 19 and the week after Christmas in 2021.
Jordan Weede, a 30-year-old from Atlanta, recently booked three nights at a hotel in New Orleans for $2,000. The University of North Carolina basketball fan surprised his dad with tickets to the Final Four on Saturday, when the Tar Heels will take on rival Duke.
The semifinals of the college basketball tournament will be played in a packed arena for the first time since 2019, and fans have been paying up to be there.
Weede said that he didn't spare any expense.
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